Definitive Analysis
| Stable Growth | $51.42 - $185.53 | $163.67 |
| Multi-Stage | $23.86 - $26.09 | $24.95 |
| Blended Fair Value | $94.31 | |
| Current Price | $6.28 | |
| Upside | 1,401.77% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.99% | 16.12% | 0.54 | 0.32 | 0.29 | 0.19 | 0.09 | 0.27 | 0.29 | 0.20 | 0.20 | 0.10 |
| YoY Growth | - | - | 69.01% | 10.46% | 53.25% | 119.90% | -68.05% | -6.80% | 45.90% | -0.21% | 93.83% | -15.71% |
| Dividend Yield | - | - | 9.09% | 6.00% | 5.31% | 2.81% | 0.90% | 2.83% | 3.04% | 2.08% | 2.09% | 1.08% |
| Net Income To Common (M) | 2,599.57 |
| (-) Cash Dividends Paid (M) | 1,370.92 |
| (=) Cash Retained (M) | 1,228.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 519.91 | 324.95 | 194.97 |
| Cash Retained (M) | 1,228.64 | 1,228.64 | 1,228.64 |
| (-) Cash Required (M) | -519.91 | -324.95 | -194.97 |
| (=) Excess Retained (M) | 708.73 | 903.70 | 1,033.68 |
| (/) Shares Outstanding (M) | 2,786.59 | 2,786.59 | 2,786.59 |
| (=) Excess Retained per Share | 0.25 | 0.32 | 0.37 |
| LTM Dividend per Share | 0.49 | 0.49 | 0.49 |
| (+) Excess Retained per Share | 0.25 | 0.32 | 0.37 |
| (=) Adjusted Dividend | 0.75 | 0.82 | 0.86 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $51.42 | $163.67 | $185.53 |
| Upside / Downside | 718.83% | 2,506.18% | 2,854.26% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,599.57 | 2,768.54 | 2,948.49 | 3,140.14 | 3,344.25 | 3,561.63 | 3,668.48 |
| Payout Ratio | 52.74% | 60.19% | 67.64% | 75.09% | 82.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,370.92 | 1,666.36 | 1,994.42 | 2,358.08 | 2,760.59 | 3,205.47 | 3,393.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,542.28 | 1,556.90 | 1,571.51 |
| Year 2 PV (M) | 1,708.45 | 1,740.99 | 1,773.84 |
| Year 3 PV (M) | 1,869.55 | 1,923.22 | 1,977.90 |
| Year 4 PV (M) | 2,025.69 | 2,103.59 | 2,183.72 |
| Year 5 PV (M) | 2,176.98 | 2,282.13 | 2,391.30 |
| PV of Terminal Value (M) | 57,169.13 | 59,930.42 | 62,797.39 |
| Equity Value (M) | 66,492.07 | 69,537.24 | 72,695.67 |
| Shares Outstanding (M) | 2,786.59 | 2,786.59 | 2,786.59 |
| Fair Value | $23.86 | $24.95 | $26.09 |
| Upside / Downside | 279.96% | 297.36% | 315.41% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| LZOEX | Lazard Emerging Markets Equity Portfolio | 0.09% | $0.02 | 36.87% |
| PWR | Quanta Services, Inc. | 0.09% | $0.39 | 5.78% |
| AAMI | Acadian Asset Management | 0.08% | $0.04 | 1.59% |
| PDLB | Ponce Financial Group, Inc. | 0.08% | $0.01 | 1.31% |
| VRT | Vertiv Holdings Co | 0.08% | $0.15 | 5.48% |
| 0J46.L | HEICO Corporation | 0.07% | $0.23 | 4.98% |
| 0JYM.L | Markel Corporation | 0.07% | $1.41 | 0.87% |
| CHCI | Comstock Holding Companies, Inc. | 0.06% | $0.01 | 0.56% |
| MTVC | Motive Capital Corp II | 0.06% | $0.01 | 2.21% |
| ENJ | Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 | 0.05% | $0.01 | 0.31% |
| ENO | Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 | 0.05% | $0.01 | 0.31% |
| AJRD | Aerojet Rocketdyne Holdings, Inc. | 0.04% | $0.02 | 2.70% |
| ERES | East Resources Acquisition Company | 0.04% | $0.00 | 1.55% |
| NBN | Northeast Bank | 0.04% | $0.04 | 0.38% |
| ARHS | Arhaus, Inc. | 0.03% | $0.00 | 0.61% |
| BSIG | BrightSphere Investment Group Inc. | 0.03% | $0.01 | 0.34% |
| EWCZ | European Wax Center, Inc. | 0.03% | $0.00 | 0.37% |
| WIRE | Encore Wire Corporation | 0.03% | $0.08 | 0.42% |
| ACFN | Acorn Energy, Inc. | 0.02% | $0.00 | 0.09% |
| ACMR | ACM Research, Inc. | 0.02% | $0.01 | 0.62% |
| CFB | CrossFirst Bankshares, Inc. | 0.02% | $0.00 | 0.21% |
| FDSB | Fifth District Savings Bank | 0.02% | $0.00 | 0.35% |
| GRDN | Guardian Pharmacy Services, Inc. | 0.02% | $0.00 | 0.75% |
| NVDA | NVIDIA Corporation | 0.02% | $0.04 | 0.98% |
| AMG | Affiliated Managers Group, Inc. | 0.01% | $0.04 | 0.23% |
| BSX-PA | Boston Scientific Corporation | 0.01% | $0.02 | 0.82% |
| FIGR | Figure Technology Solutions, Inc. Class A Common Stock | 0.01% | $0.00 | 2.22% |
| GNRC | Generac Holdings Inc. | 0.01% | $0.01 | 0.18% |
| LAUR | Laureate Education, Inc. | 0.01% | $0.00 | 0.22% |
| PLNT | Planet Fitness, Inc. | 0.01% | $0.01 | 0.57% |
| SUM | Summit Materials, Inc. | 0.01% | $0.00 | 0.32% |
| BE | Bloom Energy Corporation | 0.00% | $0.00 | 6.20% |
| BJRI | BJ's Restaurants, Inc. | 0.00% | $0.00 | 0.01% |
| CXW | CoreCivic, Inc. | 0.00% | $0.00 | 0.04% |
| INFA | Informatica Inc. | 0.00% | $0.00 | 0.10% |
| MMMB | MamaMancini's Holdings, Inc. | 0.00% | $0.00 | 0.04% |
| PMO | Putnam Municipal Opportunities Trust | 0.00% | $0.00 | 0.05% |
| SENEA | Seneca Foods Corporation | 0.00% | $0.00 | 0.04% |
| SLCA | U.S. Silica Holdings, Inc. | 0.00% | $0.00 | 0.02% |
| UNIT | Uniti Group Inc. | 0.00% | $0.00 | 0.00% |